ServiceNow (NYSE:NOW) Price Target Raised to $1,100.00 at Raymond James Financial

ServiceNow (NYSE:NOW) had its price target hoisted by equities researchers at Raymond James Financial from $1,000.00 to $1,100.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the information technology services provider’s stock. Raymond James Financial’s price target would indicate a potential upside of 13.63% from the stock’s previous close.

Several other equities analysts have also recently issued reports on NOW. Royal Bank Of Canada upped their price target on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an “outperform” rating in a research report on Tuesday, May 6th. Needham & Company LLC increased their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday. Evercore ISI lifted their target price on ServiceNow from $925.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Morgan Stanley reissued an “equal weight” rating on shares of ServiceNow in a research note on Tuesday, July 8th. Finally, TD Securities restated a “buy” rating and set a $1,100.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,114.87.

ServiceNow Price Performance

ServiceNow stock opened at $968.05 on Thursday. The stock has a 50-day moving average price of $1,000.33 and a two-hundred day moving average price of $953.18. ServiceNow has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a market capitalization of $200.37 billion, a PE ratio of 121.92, a P/E/G ratio of 4.56 and a beta of 0.94. The company has a current ratio of 1.09, a quick ratio of 1.12 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm’s revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.13 earnings per share. Analysts expect that ServiceNow will post 8.93 EPS for the current year.

Insider Buying and Selling at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business’s stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the transaction, the insider owned 3,000 shares of the company’s stock, valued at approximately $3,060,000. The trade was a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Anita M. Sands sold 239 shares of the firm’s stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the transaction, the director directly owned 10,404 shares of the company’s stock, valued at $10,924,200. The trade was a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,003 shares of company stock worth $6,015,106. Insiders own 0.38% of the company’s stock.

Institutional Trading of ServiceNow

Several hedge funds have recently modified their holdings of NOW. Vanguard Group Inc. grew its stake in shares of ServiceNow by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider’s stock worth $15,522,335,000 after buying an additional 297,734 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after acquiring an additional 509,467 shares during the last quarter. FMR LLC grew its position in ServiceNow by 4.9% in the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after acquiring an additional 272,506 shares in the last quarter. Geode Capital Management LLC increased its stake in ServiceNow by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock worth $4,560,890,000 after acquiring an additional 100,670 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in ServiceNow by 7.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider’s stock worth $2,263,519,000 after acquiring an additional 188,292 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

About ServiceNow

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.